Notification regarding closure of RMK

EXTRAORDINARY PART I—Section 1 PUBLISHED BY AUTHORITY No. 59] NEW DELHI, TUESDAY , MARCH 12, 2024 /PHALGUNA 22, 1945 CG-DL-E-13032024-252910 CG-DL-E-13032024-252910 MINISTRY OF WOMEN AND CHILD DEVELOPMENT (Rashtriya Mahila Kosh ) New Delhi , the 1st March , 2024 No. 19/3/2023 -O/o Director (RMK) .—Whereas, Rashtriya Mahila Kosh (RMK) was set up by the Government of India in 1993 under the then Ministry of Human Resource Development (Department of Women & Child Development) with an initial corpus of Rs.31 crores by the Government of India on 31.03. 1993 for the purpose of providing micro -loans to women through Government & Non -Gover nment Organisations. RMK was registered as a society under the Societies Registration Act, 1860, with the purpose of extending micro -finance in a client -friendly, without -collateral, and hassle -free manner for livelihood activities, housing, micro -enterpri ses, and family needs to bring about socio -economic upliftment of the women. The corpus of RMK was enhanced to Rs.100 crores with the approval of Expenditure Finance Committee in December 2001. RMK met all its administrative and establishment expenditures through funds generated from internal sources via credit, investment and recovery management. Whereas, the RMK performs the following activities: i. provides micro -credit to women Self -help Groups (SHGs)/Joint Liability Groups (JLGs) including women micro -entrepreneurs through Intermediary Micro -financing Organizations (IMOs) like NGOs, Cooperative Societies, State Government Agencies, and Women Cooperative Banks etc. ii. lends to IMOs at 6% and IMOs can lend to SHGs at a maximum interest rate of 10%. iii. underta kes skill up gradation and capacity building of SHGs and partner organizations in financial management, project management, enterprise development, and skill up -gradation. Whereas, the report on rationalization of government bodies prepared by Principal Ec onomic Adviser (PrEA) to the Government of India in November, 2020 on Rationalization of Govt. Bodies recommended to close down the RMK as it has lost relevance due to the expansion of financial services in rural areas and easy availability of credit from banks under various schemes of the government. Further, schemes like the Deendayal Antodaya yojana -National Rural Livelihood Mission, Deendayal Antodaya Yojana -National Urb an Livelihood Mission have successfully nurtured lakhs of self Help Groups, who can access the vast banking network and cheap credit. Additionally, PM Mudra Yojna has played a key role in enhancing credit availability to the uncovered population. Over a pe riod of time, banks have been successful providing concessional, collateral free mic ro credit. Whereas, in compliance of the decision taken by the Cabinet in its meeting held on 06.04.2023, Ministry has taken the following actions: - (i) The employees of RMK have been given Special Voluntary Retirement under Special Voluntary Retirement Scheme(SVRS) w.e.f. 31.12.2023 (ii) Surplus funds of RMK(Corpus and Reserves & Surplus Funds) have been returned to the Consolidated Fund of India(“CFI”). (iii) The outsta nding loan portfolio of RMK has been transferred to Small Industries Development Ban k of India (SIDBI), a Financial Institution that focuses on developmental aspects line enhanced credit flow to the mandated segments, on ‘as is where is basis’ without any monetary consideration. Whereas, the resolutions for dissolution/closure of RMK that were passed by the RMK’s General Body at its 62nd and 63rd General Body Meetings (“GBMs”), was approved in 27th Annual General Meeting (AGM) of RMK held on 18.06.2022. In view of the above, all operations and activities of RMK stands closed w.e.f. 31st December, 2023. Registrar (Firms & Societies)/S.D.M(HQ), M.B. Road, Saket, New Delhi vide communication no. ROS/SDM(HQ)/2024/75 dated 19.02.2024 conveyed that the dissolution of RMK under Section 13 of the Societies Registration Act, 1860, has been taken on record. In view of the SVRS given to the employees of RMK, transfer of outstanding loan portfolio of RMK to SIDBI, closure of all accounts and its dissolution, t he Society ceased to exist w.e.f. 19th February, 2024. Issues with the approval of the Competen t Authority in the Ministry of Women and Child Development, Government of India RAJNEESH MOHAN SINGH , Director Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi -110064 and Published by the Controller of Publ ications, Delhi -110054.